Fostering Sustainable Innovation through Creative Destruction Theory

Emerson Jackson

MPRA Paper from University Library of Munich, Germany

Abstract: The current information age is modelled on the advancement of innovative mindset of creative thinkers, championed through means associated with transformative technologies embodied on events like, high speed internet and payment system, thereby making it possible for transactions to be dealt with almost instantaneously. Such developments are essentially vital, given its prospect for championing growth rate and dynamism in the world economy and also, the need to ensure living conditions are adequately satisfied, particularly in the direction of the Sustainable Development Goals (SDG) earmarked for full implementation in the year 2030. The concept of innovation is widely used in all walks of life - the effort of Schumpeter’s paradoxical term, “creative destruction” became highly prominent in the 1950s, which many economists in recent time have endeavoured to linked with free market economics (Cozzi and Galli, 2019; Benigno and Fornaro, 2018). Creative destruction as proposed by Schumpeter, and also explained by Alm and Cox (Online) is essentially facts about capitalism, which is thought to be a shorthand description of free market’s messy way of delivering progress.

Keywords: Creative Destruction; Innovation; Development Economics; Decent Work; Sustainable Development Goals (search for similar items in EconPapers)
JEL-codes: O3 O31 O32 O33 (search for similar items in EconPapers)
Date: 2020-02-17, Revised 2020-03-21
New Economics Papers: this item is included in nep-hme
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/102174/1/MPRA_paper_102174.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:102174

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().